RAK Properties posts $11m Q1 profit

Ras Al Khaimah, April 30, 2013

Ras Al Khaimah’s biggest property developer RAK Properties has registered a net profit of Dh40.1 million ($10.9 million) in the first quarter of 2013.

The net profit amounts to 27.29 per cent of the total 2012 profit, said the company which is listed on Abu Dhabi Stock Exchange.

Mohamed Sultan Al Qadi, the managing director and CEO of RAK Properties, said: “We expect further growth in our operations for the rest of the year, driven by the overall positive sentiment in the real estate sector in the emirate and the UAE in general.”

“The coming period is very promising as units in Mina Al Arab, Julphar Towers and RAK Tower in Abu Dhabi have shown accelerated demand as well as there is an increase in the number of retail outlets booking spaces in our projects,” he added.

RAK Properties has added a new line to the overall revenue model by developing retail complexes. As a result, leading retail names like ‘Choithram’, ‘Fitness First’ and ‘Costa Coffee’ have launched operations. The company is expecting more retail launches in the coming period.

RAK Properties is supporting Ras Al Khaimah Government plans to contribute to the development of the real estate and tourism sector in the emirate.-TradeArabia News Service